Financial Crime World

Monaco Steps Up Efforts to Combat Financial Crime with New Laws

In a bid to bolster its legal framework against money laundering, Monaco’s National Council has adopted three new laws aimed at strengthening the country’s anti-money laundering and countering the financing of terrorism (AML/CFT) system. These laws, which came into force on December 17, 2022, are part of the Principality’s ongoing efforts to meet international standards.

Key Provisions of the New Laws

  • Law No. 1.535: Transposes EU Directive 2014/42/EU on freezing and confiscation of instrumentalities and proceeds of crime, addresses MONEYVAL Committee observations and FATF recommendations, and aims to improve Monaco’s AML/CFT system and enhance cooperation with international partners.
  • Law No. 1.536: Amends the Code of Criminal Procedure to formalize procedures for requesting international judicial assistance, clarify treatment of foreign requests, and regulate seizure measures taken in response to such requests.
  • Law No. 1.537: Supplements Monaco’s existing anti-money laundering legislation by subjecting professionals engaged in domiciliation activities to AML/CFT provisions, as recommended by MONEYVAL.

Enhanced Transparency and Accountability

These new laws represent a significant step forward in Monaco’s efforts to combat financial crime and demonstrate its commitment to meeting the highest international standards. With these measures in place, the Principality aims to further enhance transparency and accountability in the financial sector.

Expert Guidance Available

Gordon S. Blair, an expert in compliance monitoring procedures, is available to assist clients in navigating these complex regulations.